deficits, and that austerity was never given a credible grade, for example, by many investors, thinking, of course, it wasn't a great strategy. i concur. here's the problem, though. you know, austerity by definition is, you know, deficit cutting with less benefits and services. now, it is a horrible word. and, of course, many governments and politicians grabbed on to it because they really don't want deficit cutting and they don't want less benefits and services. but it is pretty hard to call it austerity as we go into, what, year six of post credit crisis activity. and global economics don't dictate we're doing a heck of a lot better, even though we had some jumps in growth, which kind of can be predicated on high levels of stimulus, maybe don't call it stimulus, maybe you call it just three to four years of big deficits. now, quid pro quo on the other hand seems to be the relationship that dictates who the big buyers are of very high quality, relatively speaking sovereign debt, whether it is boons, treasuries, guilts or ooth oaths. we need a whole lot less quid and a lot more pro grow
